Note 16 of BC Hydro’s audited financials statements, March 31, 2012
“BC Hydro (excluding Powerex) has long-term energy purchase agreements to meet a portion of its expected future domestic electricity requirements. The expected obligations to purchase energy under these agreements have a total value of approximately $53 billion… Powerex has energy purchase commitments with an estimated minimum payment obligation of $2.5 billion…”
Including Powerex, BC Hydro’s total commitment for future energy purchases was $55.6 billion, nine months ago, an amount NOT included in the Ministry of Finance report on provincial debt, which totalled $50.2 billion. Adding the massive amounts together gives a truer picture of government debt for which citizens of BC are responsible. That amount, nine months ago, was $106 billion.
Adding 3/4 of the $6 billion debt increase forecast for the current fiscal year, brings the current total above $110 billion, not including additional debt commitments arising from BC Hydro’s private power purchases.
In 2006, BC Hydro commitments for energy purchases totalled $13.2 billion and other taxpayer supported debt brought the total to $47.6 billion, well less than half today’s amount.
Anyone else remember when potential Liberal candidate Suzanne Anton praised the B.C. Liberal government for its “prudent fiscal management”?